Indian firm Marico enters Vietnam market

MUMBAI: Harsh Mariwala-owned Marico has entered Vietnam through an investment in International Consumer Products Corporation (ICP), an FMCG company in Vietnam. Marico has picked up 85% equity in ICP for an undisclosed consideration.

ICP, which was founded in 2001, by Dr Phan Quoc Cong and his partner, achieved a turnover of a little over S$ 25 million during the calendar year 2010. Mekong Enterprise Fund II, managed by Mekong Capital and BankInvest Vietnam (both private equity funds) and other individual shareholders were the key shareholders that have divested their shareholding to Marico. The company said in a press release, Dr Cong will continue to hold his entire stake of 15% in ICP for 3 years.

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